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Decide if you'd like your plan to have Auto Enrollment.
By signing up for an auto-enrollment 401(k) plan, your employees will automatically incur a 3% deduction from each payroll for the next two years. In year three, your employees will save 4% and this amount will increase by 1% each year to a max of 6%. Of course, they can change how much they want to save at any time. If your employees choose something other than 3%, it will not automatically increase every year.
Auto-enrollment gives your employees the best chance to save an adequate amount for their retirement. Learn more...
The standard Express(k) 401(k) plan is designed for companies who don’t want to get too specific with their Plan’s design. All employees paid a W-2 compensation will be eligible to participate at their own discretion regardless of their age or tenure with the company.
The company may choose to make a discretionary contribution to all employees on an annual basis. Learn more...
decide if you'd like your plan to have Safe Harbor.
Add Safe Harbor
Adding a Safe Harbor match component to your retirement benefits package increases your ability to recruit the best and brightest talent. Offer the Safe Harbor matching up to 4% of any participant employee’s compensation.
This will also allow company owners and highly-compensated employees to make personal contributions up to $18,500.00 of compensation every year without failing annual compliance testing.
Don't Add Safe Harbor
Choose this option if your company does not want to commit to making a match contribution to the account of Plan participants.
Not adding Safe Harbor means your company's 401(k) plan will be subject to annual compliance testing.